The first BTC ATM in Nigeria

[kryptqnick]

African giant Nigeria has set up it's first Bitcoin automated teller machine in the country, citizens of Nigeria are famous for bitcoin trading and investment and they are top in that aspect in Africa. Though this is not the first BTC ATM in the continent(Africa)as countries like South Africa, Kenya, Ghana Botswana, Uganda, Djibouti and Zimbabwe all have bitcoin ATM's in their countries. Many parts of Africa still remains underdeveloped, due to bad government, but bitcoin and cryptocurrencies can help alleviate the condition and state of things over there for the individuals taking the opportunity.

A Bitcoin startup in Nigeria, Blockstale BTM, has installed the very first Bitcoin Automated Teller Machine in Nigeria.
According to the startup, the ATM was installed at Dazey Lounge and Bar in Lagos and the company is planning to install at least 30 BTC ATMs across the nation.

Source of information: https://investorsking.com/blockstale-btm-installs-bitcoin-atm-in-nigeria/

While having some ATMs is better than having none, and I guess in case of adoption there should be ATMs around (at least, because people are used to having them when it comes to fiat), I would not praise the company for doing that. I mean, clearly they're doing it to profit immensely from the trading that's already going on in Nigeria. ATM fees are famous for being very high (around 10%), and I am quite sure that what this ATM offers is no exception. Not to mention that in an unstable country it might put a person in more danger to perform operations at the ATM instead of trading online.

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[Chris Barth]

Yes, that's cool. I remember creating a topic about it and posting the video on how it works here: https://bitcointalk.org/index.php?topic=5226816. I knew it was at Lagos but... I didnt know the exact place. Neither did I know who brought it into play. Thanks for giving out those information. 🙂

Exactly! Something made me confused for a moment, I knew I read somewhere about the 1st ATM in Nigeria months (apparently only weeks) ago. But is it the same one I knew from the thread you've linked us to? Because otherwise it would be pretty unfair for that guy from March to be the 1st but not take credits from anyone for it.

The ATM from the March thread looks very similar to the design on the Blockstale official website (https://blockstale.com/) though.

Congrats, Nigeria!

Yes, it is the same thread I linked (I hope that wasn't wrong for doing so). I actually don't know which is the first but I believe the one I posted is the first. However, let's forget about which is the first or not and celebrate the progress!!! 🎊 🎊 🎊

[hirngespenst]

but I'm still curious about what will happen in Nigeria if BTC ATMs are circulating a lot there, are they increasingly helped or vice versa because of what I know they are still behind in education and technology compared to countries in Asia and Europe.

There is a saying that Dont judge a book by its cover the fact that they launch an bitcoin blockchain ATM means they improving, and if you will compare them to a lot country Im sure they are way more advancing. Technology is evolving and countrys are growing and fast track development and innovation.

I think their government are doing their utmost effort to caught up with the world. African regions showing their interest on blockchain and this is a good news already. One at a time can be good step.

I have many friends from Nigeria and almost all of them live in crypto, and they said crypto is the first priority in their region for making money! People between 16-40 aged are much involved in crypto and it's growing everyday! You are right that Africa is advance enough and if we list the top ten crypto endorsed countries, Africa will take top place there! With this new ATM, crypto will be spreading widely and more people will show interest in it!

[Youghoor]

African giant Nigeria has set up it's first Bitcoin automated teller machine in the country, citizens of Nigeria are famous for bitcoin trading and investment and they are top in that aspect in Africa. Though this is not the first BTC ATM in the continent(Africa)as countries like South Africa, Kenya, Ghana Botswana, Uganda, Djibouti and Zimbabwe all have bitcoin ATM's in their countries. Many parts of Africa still remains underdeveloped, due to bad government, but bitcoin and cryptocurrencies can help alleviate the condition and state of things over there for the individuals taking the opportunity.

A Bitcoin startup in Nigeria, Blockstale BTM, has installed the very first Bitcoin Automated Teller Machine in Nigeria.
According to the startup, the ATM was installed at Dazey Lounge and Bar in Lagos and the company is planning to install at least 30 BTC ATMs across the nation.

Source of information: https://investorsking.com/blockstale-btm-installs-bitcoin-atm-in-nigeria/

Nigeria is really advancing in the blockchain technology as well as other African countries but about Ghana having a bitcoin ATM machine. I am not too sure but I have this Ghanaian friend who would have boasted of this to me about this but he has not said anything about this. But I know the other countries have bitcoin ATMs operating in their countries especially South Africa, Uganda and Kenya

[Findingnemo]

Even though they have their first bitcoin ATM recently, they are accepting bitcoin and other cryptos like ethereum for payment even in places like small street corner shops so they are moving towards something alternative to their currency to be honest but they are also famous for their Nigerian price story so anyone from other countries will be afraid of dealing with people from Nigeria until now.

Hopefully, they can prove that not everyone in that country is looking to scam or hack your cryptos.

[Wysi]

Great news, I wish other countries follow the same thing as this initiative should spread across other developing nation as well I know it still bears some serious challenges if authorities change their mind towards crypto as last time an enthusiast had opened Bitcoin ATM in India but unfortunately he was arrested and I hope this does not happen with anybody else.

[minairia3]

they are also famous for their Nigerian price story so anyone from other countries will be afraid of dealing with people from Nigeria until now.

What you mean by this? Do they have sort of some big scandal or huge scam history that has been done on their country? I do hope you can share some reference or event why you come up with the statement that until now they cant be trusted by foreign crypto users.

Great news, I wish other countries follow the same thing as this initiative should spread across other developing nation

This will likely happen on future, but we should be aware how crypto works on these ATMs. I think even with physical transaction on these machines, some prefer to deal online since its much easier rather than going to its location and transact bitcoin but of course this is good but still many prefer a deal not using your btc atm card to withdraw. As risk of breached can still happen.

[verita1]

BTCitcoin ATMs is a useful tool to give future Bitcoin users the knowledge and interest to use it as a means of exchange. The massive adoption should start there because that is how we learned to use the ATMs of our local currency around the world.
Of course, Nigerians with their first Bitcoin ATMs will give them that security, trust and new learning to do personal and commercial transactions in the crypto space.

If you are curious like me to know the Bitcoin ATMs by Country. Follow the link:
https://coinatmradar.com/countries/

[isaac_clarke22]

It's quite nice that we're still seeing more development even in this state of the market.

I've been dreaming on having more Bitcoin ATMs here in my country although there are couple of ATMs here but those aren't within my reach and it is quite inconvenient for me to go to the metropolitan area just to buy and sell Bitcoin.

[gabbie2010]

A Bitcoin startup in Nigeria, Blockstale BTM, has installed the very first Bitcoin Automated Teller Machine in Nigeria.
According to the startup, the ATM was installed at Dazey Lounge and Bar in Lagos and the company is planning to install at least 30 BTC ATMs across the nation.

Source of information: https://investorsking.com/blockstale-btm-installs-bitcoin-atm-in-nigeria/

I just hope the governmemt of Nigeria will just allow the automated teller machine should function normal cause I've read times without number that the government frown sternly at cryptocurrency reason being that there is a high corruption rate among the citizens of Nigeria,  so legalising an anonymous, decentralized currency is like adding fuel to fire as it will become more difficult to fight the corruption rate. I hope the cryptocurrency enthusiasts over there will be able to device various means that will prevent the corrupt minds over there from using the anonymity of cryptocurrency as there next tool in looting money. This is indeed another good news towards mass adoption of this dear sector

I quite agreed with you that the Central Bank of Nigeria will kicked against Nigerians who might have a motive of investing in crypto currency  knowing the decentralized feature of it invariably if adopted by many Nigerians consequently centralized banking sector will suffer for it due to lower patronage thus resulting in drop of revenue and income to that sector, while the corrupt ones might have a tough time in laundering funds vis the BTC ATM due to strict regulations by the operator of the machine.

[maxreish]

Setting up btc ATM machine in Nigeria makes it one step forward for them for adoption.  Probably, they will gonna test it first before putting up another one. I remembered our btc atm machines within the city here. It's not mostly used, that's the sad part. But then, people who are lack of knowledge about bitcoin will become interested once they see some bitcoin atm machines around the area.
 
 I do hope this will put bitcoin in a  good reputation since Nigerian's btc regulations were not fixed, yet.

[HatakeKakashi]

I hope more countries too are going to have bitcoin ATM because that is one of the way to popular the bitcoin and Nigeria for sure to their country bitcoin will start famous because they are now buying and selling a bitcoin . Good for the continent of africa of having a lot of Bitcoin ATM.

In the Philippines my country has more bitcoin ATM machine but the place where it place is very far but  I hope soon I try to use it.

[Meowth05]

This is a great news for the cryptocurrency community, I really love that this helps in making the situation alleviated, I wish my country will try to embrace the power of bitcoin, there is no ATM that accepts crypto in my country though there banks that accept a transaction but you still have to use a middle man like app to gain an access.

[darewaller]

Really good to know they have set up a Bitcoin ATM in Nigeria. When there are lots of good things like these happening there, I believe that more people will be convinced to try out Bitcoin and see how it works. I can remember that the last time I saw someone asking about if there are any Bitcoin ATM in Nigeria there was none there. They should try to set up more of that in their different states so that more people can have access to it, and not just in one state.

One other thing you have to know is that Bitcoin doesn’t change the situation of a country. If the really do have a bad government, then it is up to them to stand and fight for themselves. When it’s time to vote they should come and vote out the bad leaders and always protest against bad things that the government do. That’s if they have the mind to.

[seagates]

Hah i dont think that nigeria is important country for adoption

[Rosilito]

African giant Nigeria has set up it's first Bitcoin automated teller machine in the country, citizens of Nigeria are famous for bitcoin trading and investment and they are top in that aspect in Africa. Though this is not the first BTC ATM in the continent(Africa)as countries like South Africa, Kenya, Ghana Botswana, Uganda, Djibouti and Zimbabwe all have bitcoin ATM's in their countries. Many parts of Africa still remains underdeveloped, due to bad government, but bitcoin and cryptocurrencies can help alleviate the condition and state of things over there for the individuals taking the opportunity.

A Bitcoin startup in Nigeria, Blockstale BTM, has installed the very first Bitcoin Automated Teller Machine in Nigeria.
According to the startup, the ATM was installed at Dazey Lounge and Bar in Lagos and the company is planning to install at least 30 BTC ATMs across the nation.

Source of information: https://investorsking.com/blockstale-btm-installs-bitcoin-atm-in-nigeria/

Agree that BTC might help out somehow for the further development. Nigeria did made a wise decision their however I don't really see the need of the following countries to follow up, and install some stuff out their believing it could sort things out. Nigeria, however, kind of late but it seems they assess necessary stuff first; like it needs to be work fine, and smooth and so the installment like ATMs won't go to waste. In addition, I am really glad that the government there aren't against with such ideology.

[Pixyoxx]

Well this is a very good news for bitcoiners in Nigeria and i think its a very good move by the government of Nigeria i can finally see bitcoin getting promoted by government well i hope in my country there would be atms soon would love to use one asap 🔥

[Soldierswitlittlefaith]

A Bitcoin startup in Nigeria, Blockstale BTM, has installed the very first Bitcoin Automated Teller Machine in Nigeria.
According to the startup, the ATM was installed at Dazey Lounge and Bar in Lagos and the company is planning to install at least 30 BTC ATMs across the nation.

Source of information: https://investorsking.com/blockstale-btm-installs-bitcoin-atm-in-nigeria/

I just hope the governmemt of Nigeria will just allow the automated teller machine should function normal cause I've read times without number that the government frown sternly at cryptocurrency reason being that there is a high corruption rate among the citizens of Nigeria,  so legalising an anonymous, decentralized currency is like adding fuel to fire as it will become more difficult to fight the corruption rate. I hope the cryptocurrency enthusiasts over there will be able to device various means that will prevent the corrupt minds over there from using the anonymity of cryptocurrency as there next tool in looting money. This is indeed another good news towards mass adoption of this dear sector

@Utoy101, there is corruption everywhere. one of the best way to fight against corruption ( by this i mean corruption among citizen, not among govt- because we do have two group of corruption) is to create more opportunities.

In italy, just within 1-2 months lock down the security team have registered series criminal attempt by people who on a normal condition will not think of committing crime.However, most people are tempted to commit crime due to hardship & starvation.

Thanks
Solderwitlittlefaith

[Soldierswitlittlefaith]

Sorry,in which of the Nigeria. The NIgeria where Buhari is the president?

well, it's a good news if, so. Atiku did mention legalization of virtual currency in Nigeria if, he's elected as the president Unfortunately, he lost the election.
However, it will be great if, BUhari has same idea!


Thanks
Soldierwitlittlefaith

[Casdinyard]

Sorry,in which of the Nigeria. The NIgeria where Buhari is the president?

Ofcourse, Is there someone who should ?

well, it's a good news if, so. Atiku did mention legalization of virtual currency in Nigeria if, he's elected as the president Unfortunately, he lost the election.
However, it will be great if, BUhari has same idea!

Nigeria has come to judgment and I love what they did. We know Nigeria for too long and I can really say that they are true to their ambition with bitcoin and everything that will progress their country. I know because back in the day, crypto related projects were full of Nigerian directors almost every project that I joined the CEO is Nigerian or Indian and this must be the reason why they achieve to let this things happen in their country. I haven't use any of ATMs that support bitcoin yet, but I hope there will be a good result.